In a recent Standard Life Investments publication I discuss how the EITI contributes to a better investment climate. With the growing importance of commodity stocks and the move by extractives companies to source production in countries with higher risk profiles, the EITI's role has become increasingly important.
The EITI reporting process lays the foundation for increasing revenue transparency in the extractive sectors. Understanding how much money is flowing into the government from the extractives sector and what the difference is between what the companies say that they pay and what the government says they receive, is the key first step in better management of those resources. Every country implementing the EITI must produce EITI Reports.
The EITI has been growing strongly over the last two years and there are now 30 countries implementing the EITI around the world. As the initiative grows, so does the demand for stories about how the EITI is making a positive impact in the countries where it is being implemented. Measuring the impact of the EITI is a difficult task. In most cases, EITI activities are contributing to larger-scale efforts at reducing corruption,
The PSD Blog over at the World Bank offered some kind words about the article in this blog post
Transparency as a tool for trust-building and stability in a Volatile World
By Graham Baxter, Director, Responsible Business Solutions, International Business Leaders Forum
I was there at the start, Johannesburg 2002, although I have to admit I was a bit busy promoting BP's Solar business in the Ubuntu Village tent to spare much time for the launch by the UK Prime Minster, Tony Blair, of the Extractive Industries Transparency Initiative. When I was asked to take on BP's corporate responsibility role the next year,
By Eddie Rich, Deputy Head of the EITI Secretariat
There is little doubt that multi-stakeholder initiatives are the flavour of the month in the development world. With levels of trust under severe strain between governments, companies and communities due to the current economic environment, the role and profile of such initiatives is likely to increase still further.As well as the EITI, the Voluntary Principles on Security and Human Rights, and the Kimberly Process,
Most minerals have seen a decline in market prices of 40-50% in recent months as the global economic slowdown reduces demand from industry. One could ask, "Does the quest for more transparency help to mitigate the negative effects of this collapse?"
In times of depressed commodity prices revenues from extractive industry are reduced, putting pressure on government finances as well as extractives operators. As financial resources become more scarce,
A growing number of parlamentarians around the globe are recognising the need for increased transparency and that legislative action can play an important role towards that end. Parlamentarians have already played an instrumental role in calling for and mandating the EITI standard in many countries.
In countries such as Kazakhstan, Mauritania, Nigeria and Yemen legislators hold seats in the the national EITI Multi-stakeholder group.
The EITI's International Conference in Doha is an important forum for leaders from governments, companies and civil society organisations to come together and exchange ideas and experiences. The list of leaders coming to the conference highlights the broad range of support for the EITI and the key role it can play in improving transparency and promoting good governance in the extractives industry. Industry leaders such as Jeroen van der Veer, CEO, Royal Dutch Shell; Peter Robertson, vice-Chairman,
The EITI Secretariat has been buzzing with activity in recent weeks as preparations for the 4th EITI International Conference in Doha are in full swing. Stakeholders from around the world have been sending in their contributions for the range of publications that will be launched during the conference, including the EITI Progress Report 2007-2009. Interest in the conference has been high, with Heads of State and many ministers from supporting,